Vertiv Holdings Co (VRT) 2025 Q3 法說會逐字稿

Good morning. My name is Breka, and I will be your conference operator today. At this time, I would like to welcome everyone to Vertiv's third-quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. Please note that this call is being recorded.

早安.我叫 Breka，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Vertiv 2025 年第三季財報電話會議。所有線路均已靜音，以防止任何背景噪音。請注意，此通話正在錄音。

I would now like to turn the program over to your host today to begin, Lynne Maxeiner, Vice President of Investor Relations, please go ahead.

現在，我想將節目交給今天的主持人、投資者關係副總裁 Lynne Maxeiner，請開始。

Great, thank you, Breka. Good morning, and welcome to Vertiv’s third-quarter 2025 earnings conference call. Joining me today are Vertiv’s Executive Chairman, Dave Cote; Chief Executive Officer, Giordano Albertazzi; and Chief Financial Officer, David Fallon. We have one hour for the call today. During the Q&A portion of the call, please be mindful of others in the queue and limit yourself to one question. And if you have a follow-up, please rejoin the queue.

太好了，謝謝你，Breka。早安，歡迎參加 Vertiv 2025 年第三季財報電話會議。今天與我一起出席的還有 Vertiv 執行董事長 Dave Cote、執行長 Giordano Albertazzi 和財務長 David Fallon。今天我們有一個小時的時間通話。在通話的問答環節，請注意隊列中的其他人，並將自己的問題限制為一個。如果您有後續事宜，請重新加入隊列。

Before we begin, I’d like to point out that during the course of the call, we will make forward-looking statements regarding future events, including the future financial and operating performance of Vertiv. These forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. We refer you to the cautionary language included in today’s earnings release, and you can learn more about these risks in our annual and quarterly reports and other filings made with the SEC. Any forward-looking statements that we make today are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

在我們開始之前，我想指出，在通話過程中，我們將對未來事件做出前瞻性陳述，包括 Vertiv 未來的財務和營運表現。這些前瞻性陳述受到重大風險和不確定性的影響，可能導致實際結果與前瞻性陳述中的結果有重大差異。我們請您參閱今天的收益報告中包含的警示性語言，您可以在我們的年度和季度報告以及向美國證券交易委員會提交的其他文件中了解有關這些風險的更多資訊。我們今天所做的任何前瞻性陳述都是基於我們認為截至目前為止合理的假設。我們不承擔因新資訊或未來事件而更新這些聲明的義務。

During this call, we will also present both GAAP and non-GAAP financial measures. Our GAAP results and GAAP to non-GAAP reconciliations can be found in our earnings press release and in the investor slide deck found on our website at investors.vertiv.com.

在本次電話會議中，我們也將介紹 GAAP 和非 GAAP 財務指標。我們的 GAAP 結果以及 GAAP 與非 GAAP 的對帳可以在我們的收益新聞稿和我們網站 investors.vertiv.com 上的投資者幻燈片中找到。

With that, I’ll turn the call over to Executive Chairman, Dave Cote.

說完這些，我將把電話轉給執行主席戴夫·科特 (Dave Cote)。

Morning, all. Well, this is a very strong quarter by any measure, although I got to say by looking at the stock price reaction right now, I wonder what would have happened if we hadn't blown the doors off of every single metric. We exceeded guidance across all metrics in a very convincing way. I continue to say I'm more excited now than ever, and you're seeing why. We're in the early stages of the digital age and Vertiv's position today reflects the years of focus on customer relationship, disciplined investment, operational excellence, and R&D expansion. Selecting a good strategy, sticking with it day by day, and reinforcing it with monthly growth base works.

大家早安。嗯，無論以何種標準衡量，這都是一個非常強勁的季度，儘管我不得不說，透過觀察現在的股價反應，我想知道如果我們沒有打破每個指標的記錄，會發生什麼。我們以非常令人信服的方式超越了所有指標的指導。我繼續說我現在比以往任何時候都更興奮，而你們也看到了原因。我們正處於數位時代的早期階段，Vertiv 今天的地位反映了多年來對客戶關係、嚴謹投資、卓越營運和研發擴張的關注。選擇一個好的策略，日復一日地堅持下去，並透過每月的成長基礎工作來強化它。

Our technology leadership comes from consistently staying ahead of where the industry is going. This digital transformation is just beginning. The scale and speed of what we're seeing in AI and data centers today is just a preview of what's ahead. Data will continue to increase rapidly, and data centers are essential for storage and processing. We are very well positioned to continue to lead through it.

我們的技術領先地位源自於我們始終領先於產業發展方向。數位轉型才剛開始。我們今天在人工智慧和資料中心看到的規模和速度只是未來的預覽。數據將繼續快速增長，數據中心對於儲存和處理至關重要。我們已準備好繼續引領這一進程。

I've seen many business transformations over the years and what's clear is that our strategy is working, as our technology focus grows market share. The investments we've made in R&D and capacity are delivering results today, and more importantly, we believe they're building a sustainable competitive advantage that will serve us well for years to come. I'm more confident than ever that we're in the early stages of what I believe will be a multi-year period of significant growth and value creation, and we couldn't have a better leadership team than Gio and his group to make it happen.

這些年來，我見證了許多商業轉型，很明顯我們的策略正在發揮作用，因為我們的技術重點擴大了市場份額。我們在研發和產能方面的投資正在產生成果，更重要的是，我們相信這些投資正在建立一種可持續的競爭優勢，這將在未來幾年為我們帶來良好的服務。我比以往任何時候都更有信心，我們正處於一個多年顯著成長和價值創造時期的早期階段，我們不可能擁有比吉奧和他的團隊更好的領導團隊來實現這一目標。

So with that, I'll turn it over to Gio.

因此，我將把發言權交給 Gio。

Well, thank you, Dave, and welcome, everyone. We go to slide 3. Our Q3 performance demonstrates the strength of our strategy and execution. Our adjusted diluted EPS of $1.24 was up about 63% year over year, driven by higher adjusted operating profit. Q3 organic sales grew 28%, with strong Americas up 43% and APAC up 21%.

好吧，謝謝你，戴夫，歡迎大家。我們來看投影片 3。我們第三季的業績證明了我們策略和執行力的強大。我們的調整後稀釋每股收益為 1.24 美元，年增約 63%，這得益於調整後營業利潤的提高。第三季有機銷售額成長 28%，其中美洲地區成長 43%，亞太地區成長 21%。

EMEA declined 4%, relatively in line with our expectations. Particularly encouraging is the 1.4 times book-to-bill ratio in Q3. Our trailing 12-month organic orders growth of about 21% demonstrates strong momentum, with Q3 orders up 60% year over year and 20% sequentially. The market growth ranges from our November '24 Investor Day remain valid, though tracking at the higher end, with the colo-cloud share expanding as the fastest-growing segment. The overall market growth is accelerating.

歐洲、中東和非洲地區下降了 4%，基本上符合我們的預期。尤其令人鼓舞的是第三季的訂單出貨比為 1.4 倍。我們過去 12 個月的有機訂單成長率約為 21%，顯示出強勁的勢頭，其中第三季訂單年增 60%，季增 20%。我們 11 月 24 日投資者日的市場成長範圍仍然有效，儘管追蹤的是較高端，但託管雲端份額正在擴大，成為成長最快的部分。整體市場成長正在加速。

We continue to outgrow the market through superior technology and execution. Q3 adjusted operating profit reached $596 million, up 43% year on year, with a 22.3% margin and exceeding guidance. Adjusted free cash flow of $462 million was up 38%, reflecting our strong operating performance. Our 0.5 times net leverage demonstrates a strong balance sheet. Given our momentum heading into Q4, we’re raising full-year guidance for adjusted EPS, net sales, adjusted operating profit, and adjusted free cash flow.

我們憑藉著卓越的技術和執行力不斷超越市場。第三季調整後營業利潤達 5.96 億美元，年增 43%，利潤率為 22.3%，超乎預期。調整後的自由現金流為 4.62 億美元，成長 38%，反映了我們強勁的經營業績。我們的 0.5 倍淨槓桿率顯示資產負債表強勁。鑑於我們進入第四季度的勢頭，我們提高了全年調整後每股收益、淨銷售額、調整後營業利潤和調整後自由現金流的預期。

Vertiv's order momentum and pipeline continue to outpace the strong market. While orders can be lumpy, our Q3, about 21% trailing 12-month organic orders growth and the 1.4 times book-to-bill ratio showcased our competitive advantages. As mentioned in July, starting next year, we'll move to providing full-year orders projections with quarterly updates to better reflect our long-term strategic focus. Our sales grew 29% in the quarter while building an additional $1 billion in backlog from Q2. Our total backlog now stands at $9.5 billion, up about 30% year on year and 12% sequentially.

Vertiv 的訂單動能和庫存繼續超越強勁的市場。雖然訂單可能不穩定，但我們第三季的有機訂單成長率約為 21%，而訂單出貨比為 1.4 倍，這展現了我們的競爭優勢。正如 7 月所提到的，從明年開始，我們將提供全年訂單預測和季度更新，以更好地反映我們的長期策略重點。本季我們的銷售額成長了 29%，同時在第二季的基礎上又增加了 10 億美元的積壓訂單。我們目前的訂單總額為 95 億美元，較去年同期成長約 30%，較上季成長 12%。

This clearly gives us a strong visibility into 2026. The phasing of our backlog remains consistent with historical patterns, a healthy backlog in a healthy market. Our application expertise and proven track record have positioned us as a preferred partner for strategic projects.

這顯然讓我們對 2026 年有了更清晰的認識。我們的積壓訂單的分階段處理與歷史模式保持一致，即在健康的市場中保持健康的積壓訂單。我們的應用專業知識和良好的業績記錄使我們成為策略專案的首選合作夥伴。

Early involvement in project technology and in project planning further drives our above the market growth. Pricing remains favorable, expected to exceed inflation. EMEA sales continue to be muted as a market, mainly to power availability and regulatory challenges. Here, we're implementing regional restructuring programs to have the right structure for future strong growth, though acceleration may not come until second half, 2026.

早期參與專案技術和專案規劃進一步推動了我們超越市場的成長。定價仍然有利，預計將超過通貨膨脹。歐洲、中東和非洲地區的銷售持續低迷，主要原因是電力供應不足和監管挑戰。目前，我們正在實施區域重組計劃，以便為未來的強勁成長建立正確的結構，儘管加速可能要到 2026 年下半年才會到來。

When we talk about tariffs, we view them as another input cost to our business. The situation remains fluid, and we're addressing it with comprehensive mitigation actions and pricing programs. We expect to materially offset current tariff impacts as we exit Q1 2026 while optimizing our supply chain and manufacturing footprint. We are progressing well in addressing the operational and supply chain challenges we experienced in Q2. We are accelerating manufacturing and service capacity investments across all regions and particularly in the Americas while maintaining disciplined fixed cost management.

當我們談論關稅時，我們將其視為我們業務的另一項投入成本。情況仍然不穩定，我們正在採取全面的緩解措施和定價計劃來解決這個問題。我們預計在 2026 年第一季結束時，透過優化我們的供應鏈和製造足跡，可以大幅抵消當前關稅的影響。我們在解決第二季度遇到的營運和供應鏈挑戰方面取得了良好進展。我們正在加快所有地區（特別是美洲）的製造和服務能力投資，同時保持嚴格的固定成本管理。

Our engineering and R&D spending continues to accelerate to further strengthen our industry leadership. And speaking of leadership, let's go to slide 5. And let me elaborate on our Services capabilities. Services turn market complexity into opportunity from liquid cooling to higher voltages and services are fundamental to our competitive position. We support the complete customer journey from consultancy through implementation to life-cycle and optimization. Our Advanced Technology platform combines remote metering, predictive analytics, and energy optimization.

我們的工程和研發支出持續加速，以進一步加強我們的產業領導地位。說到領導力，我們來看投影片 5。讓我詳細說明一下我們的服務能力。服務將市場複雜性轉化為機遇，從液體冷卻到更高電壓，服務是我們競爭地位的基礎。我們支援從諮詢到實施到生命週期和優化的整個客戶旅程。我們的先進技術平台結合了遠端計量、預測分析和能源優化。

Our Advanced Diagnostics and predictive capability, including Thermal Mapping and Power Quality Analysis are helping customers maximize reliability and efficiency, with a seamless system integration. What truly sets us apart is combining this technology with our unmatched global scale.

我們的先進診斷和預測能力（包括熱映射和電能品質分析）可協助客戶透過無縫系統整合最大限度地提高可靠性和效率。我們真正與眾不同之處在於將這項技術與我們無與倫比的全球規模相結合。

The recent Waylay acquisition accelerate this advantage by analyzing real-time machine data, identifying operational trends, and proposing predictive actions from maintenance to energy optimization. As rack densities increase and systems become more complex, this integration of AI-enabled capabilities with our established field service becomes even more advantageous. But technology alone is not enough. Presence and capacity in field are fundamental.

最近對 Waylay 的收購透過分析即時機器數據、識別營運趨勢以及提出從維護到能源優化的預測行動來加速這一優勢。隨著機架密度的增加和系統變得更加複雜，這種人工智慧功能與我們現有的現場服務的整合變得更加有利。但僅有技術是不夠的。在現場的存在和能力是根本。

We are scaling our service capacity in-parallel with manufacturing, staying ahead of the demand curve. Services, combining advanced technology, global reach, and growing capability is truly one of Vertiv's superpowers.

我們正在與製造業同步擴大我們的服務能力，以保持領先於需求曲線。服務結合了先進的技術、全球影響力和不斷增長的能力，是 Vertiv 真正的超能力之一。

And with that, over to you, David.

現在，就交給你了，大衛。

Thanks, Gio. Turning to slide 6. Let me walk you through our strong third-quarter financial results, starting with adjusted diluted EPS of $1.24, up approximately 63% from last year’s third quarter, with the improvement driven by higher adjusted operating profit and a lower effective tax rate, primarily from progress with tax planning and timing of some discrete items in the quarter. Organic net sales were up 28%, with continued momentum in the Americas, up 43%, while APAC was up 21% as we continue to drive top-line expansion across that region. EMEA was down 4%, but as Gio mentioned, we continue to see encouraging signs of accelerated growth in that region, likely looking to the back half of 2026.

謝謝，吉奧。翻到幻燈片 6。讓我向您介紹我們強勁的第三季度財務業績，首先是調整後的稀釋每股收益 1.24 美元，比去年第三季度增長約 63%，這一增長得益於調整後的營業利潤增加和有效稅率降低，這主要得益於本季度稅務規劃和一些單項項目時間安排的進展。有機淨銷售額成長 28%，美洲地區繼續保持成長勢頭，成長 43%，而亞太地區成長 21%，因為我們繼續推動該地區的營收擴張。歐洲、中東和非洲地區下降了 4%，但正如 Gio 所提到的，我們繼續看到該地區加速成長的令人鼓舞的跡象，可能展望 2026 年下半年。

Our adjusted operating profit of $596 million was up 43% from last year and $86 million higher than guidance. Adjusted operating margin of 22.3% exceeded prior year by more than 200 basis points, primarily driven by operational leverage on the higher sales, positive price cost and productivity, but partially offset by the negative tariff impact, and, as we summarized last quarter, operational inefficiencies driven by supply chain actions to mitigate tariffs. This 22.3% adjusted operating margin was 230 basis points higher than guidance, aided by operational leverage on the higher sales, but also by strong operational execution, including addressing supply chain inefficiencies more quickly than expected just three months ago. Still work to do, but we are encouraged as we move into the fourth quarter and 2026. Importantly, our year-over-year incremental margin in the third quarter was approximately 30%, a good indication that we continue the path towards full-year adjusted operating margin target of 25% in 2029.

我們的調整後營業利潤為 5.96 億美元，比去年增長 43%，比預期高出 8,600 萬美元。調整後的營業利潤率為 22.3%，比上年高出 200 多個基點，主要原因是銷售額增加、價格成本和生產率提高帶來的運營槓桿作用，但被負面關稅影響部分抵消，而且正如我們上個季度總結的那樣，為減輕關稅而採取的供應鏈行動導致運營效率低下。調整後的營業利潤率為 22.3%，比預期高出 230 個基點，這得益於銷售額成長帶來的營運槓桿，也得益於強大的營運執行力，包括比三個月前預期更快地解決供應鏈效率低下的問題。雖然仍有工作要做，但隨著我們進入第四季和 2026 年，我們感到很鼓舞。重要的是，我們第三季的年增率約為 30%，這很​​好地表明我們將繼續朝著 2029 年全年調整後營業利潤率 25% 的目標邁進。

And finally, on this page, we generated $462 million of adjusted free cash flow. That’s up 38% from last year and that translates into approximately 95% free cash flow conversion, and that is consistent with our long-term expectations. Net leverage was 0.5 times at quarter end, and we expect to exit the year at 0.2 times, providing significant flexibility with future capital deployment.

最後，在此頁面上，我們產生了 4.62 億美元的調整後自由現金流。這比去年增長了 38%，相當於自由現金流轉換率約為 95%，這與我們的長期預期一致。季度末的淨槓桿率為 0.5 倍，我們預計年底將達到 0.2 倍，為未來的資本部署提供了極大的靈活性。

Moving to slide 7, this page illustrates our segment results. And as mentioned, Americas delivered strong organic top-line growth of 43%, driven by accelerated AI demand across product lines and customer segments, and margin expanded 400 basis points despite the tariff headwinds, as we continue to drive operating leverage, productivity, and positive price/cost.

移至投影片 7，此頁展示了我們的細分結果。如前所述，美洲地區實現了 43% 的強勁有機營收成長，這得益於產品線和客戶群對人工智慧的需求加速成長，儘管面臨關稅阻力，但利潤率仍擴大了 400 個基點，因為我們繼續提高營運槓桿、生產力和積極的價格/成本。

Moving to the right, operating leverage was critical for margin expansion in APAC, which saw 21% organic growth as AI infrastructure continues to drive current and future expected growth across that region. In EMEA, organic sales were down 4% due to continued industry challenges. However, sales were higher than expectations heading into the quarter, a reason for optimism, as we expect EMEA to reaccelerate in the back half of 2026, driven by the latent, although inevitable, AI infrastructure demand there. Third-quarter adjusted operating margin was significantly below prior year, and we think at a low point, driven by deleverage on lower sales and higher fixed costs as we continue to invest in regional capacity to ensure readiness for the anticipated market recovery.

向右移動，經營槓桿對於亞太地區的利潤率擴張至關重要，由於人工智慧基礎設施繼續推動該地區當前和未來的預期成長，該地區的有機成長率達到 21%。在歐洲、中東和非洲地區，由於持續的行業挑戰，有機銷售額下降了 4%。然而，本季的銷售額高於預期，這是一個樂觀的理由，因為我們預計歐洲、中東和非洲地區將在 2026 年下半年重新加速，這得益於該地區潛在但不可避免的人工智慧基礎設施需求。第三季調整後的營業利潤率大幅低於去年同期，我們認為處於低點，這是由於銷售額下降和固定成本上升導致的去槓桿化，因為我們繼續投資於區域產能，以確保為預期的市場復甦做好準備。

As Gio mentioned, we are implementing a restructuring program primarily in EMEA but also impacting other regions, and this global program, which commenced in the third quarter, cost approximately $30 million, and we expect an annualized benefit of approximately $20 million commencing in 2026.

正如 Gio 所提到的，我們正在實施一項重組計劃，主要在歐洲、中東和非洲地區，但也會影響其他地區，這項全球計劃於第三季度啟動，耗資約 3000 萬美元，我們預計從 2026 年開始的年化收益約為 2000 萬美元。

Now, let's move to guidance where we will address the midpoint of our guidance ranges for both 4Q and full year in slides 8 and 9. Turning to slide 8, our fourth-quarter guidance, we expect adjusted diluted EPS of $1.26, up approximately 27% from prior year and primarily driven by higher adjusted operating profit. We project net sales at $2.85 billion with organic growth of approximately 20%. Looking at regional growth rates, we expect momentum to continue in the Americas, up high 30s, with APAC up mid-single digits and EMEA down high single digits, but up mid-teens sequentially from the third quarter.

現在，讓我們轉到指導，我們將在幻燈片 8 和 9 中討論第四季度和全年指導範圍的中點。轉到投影片 8，我們的第四季指引，我們預計調整後的稀釋每股收益為 1.26 美元，比上年增長約 27%，主要得益於調整後的營業利潤的增加。我們預計淨銷售額為 28.5 億美元，有機成長率約為 20%。從區域成長率來看，我們預計美洲地區將繼續保持成長勢頭，成長 30% 以上，亞太地區將成長中等個位數，歐洲、中東和非洲地區將下降高等個位數，但與第三季相比將連續成長 15% 左右。

Adjusted operating profit is expected to be $639 million, up approximately 27% year over year, with adjusted operating margin of 22.4%, 10 basis points higher than the third quarter despite higher sales due to headwinds from new tariffs announced since our last earnings release, including those implemented under Section 232, and also a sequential quarterly increase in growth investment as we ready for future strong customer demand.

調整後的營業利潤預計為 6.39 億美元，同比增長約 27%，調整後的營業利潤率預計為 6.39 億美元，同比增長約 27%，調整後的營業利潤率預計為 22.4%，比第三季度高出 10 個基點，儘管自上次發布收益報告以來宣布的新關稅（包括根據第 232 條實施的關稅）帶來不利影響導致銷售額增加，而且我們為滿足未來銷售額的強勁投資而對未來增長的客戶進行了強勁增長。

Next, turning to slide 9, our full-year guidance. We are raising our projection for adjusted diluted EPS to $4.10, 44% higher than 2024. This improvement is primarily driven by higher adjusted operating profit with benefit from lower interest expense and a lower effective tax rate. We are raising our expectations for net sales to $10.2 billion, translating into 27% organic growth for the full year, and we expect adjusted operating profit of $2.06 billion, up 33% from last year, and full-year adjusted operating margin of 20.2%, approximately 80 basis points higher than 2024, demonstrating strong expansion despite the negative impact from tariffs.

接下來，翻到第 9 張投影片，這是我們的全年指導。我們將調整後稀釋每股盈餘預測上調至 4.10 美元，比 2024 年高出 44%。這項改善主要得益於調整後營業利潤的增加以及利息支出和有效稅率的降低。我們將淨銷售額預期上調至 102 億美元，相當於全年有機成長 27%，預計調整後營業利潤為 20.6 億美元，較去年增長 33%，全年調整後營業利潤率為 20.2%，比 2024 年高出約 80 個基點，儘管受到關稅的負面影響，但仍顯示出強勁的負面擴張。

We are raising our adjusted free cash flow guidance to $1.5 billion, with free cash flow conversion at approximately 95%. And before turning it back to Gio, I do note that this guidance assumes tariff rates active on October 20 are maintained for the remainder of the year.

我們將調整後的自由現金流指引提高至 15 億美元，自由現金流轉換率約為 95%。在將其交還給 Gio 之前，我確實注意到，該指南假設 10 月 20 日生效的關稅稅率將在今年剩餘時間內保持不變。

So now with that said, back to Gio.

現在說完這些，回到 Gio。

Well, thank you very much, Dave, and we go to slide 10 to share some thoughts on 2026. So the data center market continues to show remarkable strength, driven by accelerating AI adoption globally. Our order pipeline and market indicators give us confidence in this trajectory, though EMEA remains softer, and we expect it to rebound in the second half of 2026. Given our substantial backlog and clear visibility of pipeline, we anticipate continued significant organic sales growth in 2026.

好的，非常感謝，戴夫，我們轉到第 10 張幻燈片來分享一些關於 2026 年的想法。因此，在全球人工智慧加速應用的推動下，資料中心市場持續展現出驚人的實力。儘管歐洲、中東和非洲地區仍然較為疲軟，但我們的訂單管道和市場指標讓我們對這一趨勢充滿信心，我們預計它將在 2026 年下半年反彈。鑑於我們大量的積壓訂單和清晰的通路透明度，我們預計 2026 年有機銷售額將繼續大幅成長。

To anticipate and stay ahead of our customers’ evolving needs and timelines, we expect to accelerate our investments in supply chain and services capabilities and capacity. Tariffs remain dynamic, but we have a clear action plan and strong execution. Our mitigation strategies are progressing well, and under current conditions, we expect to materially offset their impact as we exit Q1. On profitability, multiple drivers support continued margin expansion, strong operating leverage at these growth levels, ongoing productivity initiatives, and effective price/cost management. We remain fully committed to our November 2024 Investor Day margin targets.

為了預測並領先於客戶不斷變化的需求和時間表，我們希望加快對供應鏈和服務能力和產能的投資。關稅保持動態，但我們有明確的行動計劃和強大的執行力。我們的緩解策略進展順利，在當前情況下，我們預計在第一季結束時將大幅抵消其影響。在獲利能力方面，多種驅動因素​​支持利潤率持續擴大、在這些成長水準上保持強勁的營運槓桿、持續的生產力措施以及有效的價格/成本管理。我們將繼續全力致力於實現 2024 年 11 月投資者日的保證金目標。

Our robust free cash flow provides significant strategic flexibility, and let me elaborate on this a little bit more on page 11. So let's go to slide 11. We are accelerating our investments for growth along three dimensions. Capacity, we're investing globally with a significant focus on the Americas across multiple technologies.

我們強勁的自由現金流提供了顯著的策略彈性，我在第 11 頁對此進行更詳細的闡述。那我們來看第 11 張投影片。我們正在從三個方面加速投資以實現成長。產能方面，我們在全球進行投資，並專注於美洲地區的多種技術。

Some examples: our infrastructure solutions capabilities are growing with prefabricated solutions for both gray and white space and entire data centers. Vertiv infrastructure solutions enable faster deployment, shorter time to revenue, and alleviate skilled labor constraints on site. SmartRun, our innovative prefabricated white space system shared with you in July exemplifies this acceleration capability. The Great Lakes acquisition strengthens our IT systems offering and deepens our white space presence. We are scaling these capabilities as we've done with previous acquisitions, a playbook that we know quite well.

舉幾個例子：我們的基礎設施解決方案能力正在不斷增強，為灰色空間、白色空間和整個資料中心提供預製解決方案。Vertiv 基礎設施解決方案可實現更快的部署、更短的盈利時間並緩解現場熟練勞動力的限制。SmartRun 是我們 7 月與您分享的創新預製空白空間系統，它體現了這種加速能力。收購 Great Lakes 增強了我們的 IT 系統產品，並深化了我們的空白領域影響力。我們正在擴展這些能力，就像我們之前的收購一樣，這是我們非常熟悉的策略。

In general, our capacity expansion strategy keeps us 6 to 12 months ahead of demand curves, retaining technology leadership while driving operational efficiency. The other factor, of course, is technology, and our engineering and R&D spending will grow 20%-plus in 2026, with flexibility to accelerate further. Through aggressive R&D investment, we're committed to staying multiple GPU generations ahead. We are accelerating our funding for the systems layer, connecting all critical infrastructure elements, and this is a crucial advantage as data centers are becoming increasingly complex.

總體而言，我們的產能擴張策略使我們領先需求曲線 6 至 12 個月，在提高營運效率的同時保持技術領先地位。當然，另一個因素是技術，到 2026 年，我們的工程和研發支出將增加 20% 以上，並且還有進一步加速的靈活性。透過積極的研發投入，我們致力於維持多代 GPU 的領先地位。我們正在加快對系統層的資助，連接所有關鍵基礎設施元素，隨著資料中心變得越來越複雜，這是至關重要的優勢。

When it comes to M&A, our strong balance sheet enables us both opportunistic bolt-ons and larger strategic acquisitions, all according and in line with our value creation framework. We maintain a vibrant pipeline across technologies, regions, and deal sizes. As the industry accelerates, we need to stay ahead, whether through smaller technology acquisitions or larger-scale opportunities. This strategy strengthens our complete system solution offering, expands our TAM, and enhances our global reach.

在併購方面，我們強大的資產負債表使我們能夠進行機會性的附加收購和更大規模的策略性收購，所有這些都符合我們的價值創造框架。我們保持著跨技術、跨地區、跨交易規模的活躍管道。隨著產業加速發展，我們需要保持領先地位，無論是透過小型技術收購還是更大規模的機會。這項策略增強了我們的完整系統解決方案供應，擴大了我們的 TAM，並增強了我們的全球影響力。

So we will continue investing to extend our technology leadership and deepen our capabilities to serve customers in ways no one else can. So let’s now go to slide 12 as the last slide. We’re certainly pleased with our performance this quarter. Confidence with what we see leads us to raise our full-year guidance. Our 2025 execution demonstrates the strength of our strategy, and it positions us well for 2026.

因此，我們將繼續投資，擴大我們的技術領先地位，並深化我們的能力，以其他人無法做到的方式為客戶提供服務。現在讓我們來看最後一張投影片第 12 張。我們對本季的表現非常滿意。對我們所看到的前景充滿信心，這促使我們提高了全年業績預期。我們的 2025 年執行證明了我們策略的實力，並為我們 2026 年做好了準備。

Strategic acquisitions and increased investment in CapEx and engineering R&D reflect our sense of urgency in capturing opportunities ahead. While the global landscape presents complexities from tariffs to geopolitical shifts, our approach remains unwavering: develop robust mitigating strategies, assign clear accountability, and execute with precision. We’re pleased with our progress, but there is more work to do, and as you know, we’re never satisfied. Looking ahead, our 800-volt DC portfolio, planned for release in the second half of 2026, aligns directly with NVIDIA’s 2027 rollout of their Rubin Ultra platforms.

策略性收購以及對資本支出和工程研發的投資增加反映了我們抓住未來機會的緊迫感。儘管全球情勢從關稅到地緣政治變化等都呈現出複雜性，但我們的做法依然堅定不移：制定強有力的緩解策略、明確責任並精準執行。我們對所取得的進展感到滿意，但還有更多工作要做，而且如你所知，我們永遠不會滿足。展望未來，我們計劃於 2026 年下半年推出的 800 伏特直流產品組合與 NVIDIA 於 2027 年推出的 Rubin Ultra 平台保持一致。

We’re collaborating closely with NVIDIA to advance these platform designs. This is about staying ahead of where the industry is going, not just where it is today. What sets Vertiv apart is our system-level expertise across AC and DC power, combined with our thermal management and service capabilities, delivering solutions that address the complete power and cooling infrastructure. Our team understands that leadership means constantly raising the bar for tomorrow, and that’s exactly what we will continue to do.

我們正在與 NVIDIA 密切合作，以推進這些平台設計。這是為了保持領先於行業的發展方向，而不僅僅是保持當前的水平。Vertiv 的優勢在於我們在交流和直流電源方面的系統級專業知識，結合我們的熱管理和服務能力，提供解決完整電力和冷卻基礎設施問題的解決方案。我們的團隊明白，領導力意味著不斷提高明天的標準，而這正是我們將繼續做的事情。

So with that, I’ll turn it over to Breka for our questions.

因此，我將把問題交給 Breka 來回答。

(Operator Instructions) Amit Daryanani, Evercore.

（操作員指示）Amit Daryanani，Evercore。

Impressive set of results here despite the stock reaction today. Gio, I'm hoping you could just maybe help us understand the order uptick you're seeing that you're talking about today, up 60%. What is driving this? And really, the part I would love to understand is, when you see Oracle report a $300 billion-plus RPO number or OpenAI announce a 10-gigawatt deal with NVIDIA, what's the cadence for these big announcements to flow into orders and revenues for Vertiv?

儘管今天的股票反應不佳，但這裡的業績仍然令人印象深刻。Gio，我希望您能幫助我們了解您今天看到的訂單成長情況，即成長了 60%。是什麼原因導致這現象？我真正想了解的是，當你看到 Oracle 報告 3000 多億美元的 RPO 數字或 OpenAI 宣布與 NVIDIA 達成 10 千兆瓦的交易時，這些重大公告轉化為 Vertiv 訂單和收入的節奏是怎樣的？

I suspect none of these multiple recent announcements have really made it to orders the ecosystem yet, but I'd love to understand just a little bit on what's driving this order growth in September and the timeframe for when these big headlines we're seeing start to become orders for the company.

我懷疑最近發布的這些公告都還沒有真正進入訂單生態系統，但我很想了解一下推動 9 月份訂單增長的因素，以及我們看到的這些大新聞何時開始成為公司訂單的時間表。

Certainly, the drivers are a combination of things. It's a very good market; certainly, technology evolution in the market that goes in our direction; certainly, an industry that trust the ability to scale that Vertiv is displaying. And what we have multiple times being vocal about our competitive advantages, our service, our technology, et cetera, so all things that certainly drive that demand, combined with a reliable execution.

當然，驅動因素是多種因素的綜合作用。這是一個非常好的市場；當然，市場中的技術進步正朝著我們的方向發展；當然，這個產業相信 Vertiv 所展現的擴展能力。我們多次強調我們的競爭優勢、我們的服務、我們的技術等等，所有這些都必定會推動這種需求，再加上可靠的執行力。

On the Oracle side, as an example, I don't want to go too specific. But in general, we see some of the players, many of the players, the large players in this space that talk about a backlog expansion that really has to do with their service agreements. So I don't want to go into details of what these customers and how they look and measure their backlog. But typically, those are a different type of backlog, different type of agreements. And on the back of this, in the back of these plans and facts and commercial situations, we have an infrastructure that is being built.

以 Oracle 為例，我不想說得太具體。但總的來說，我們看到一些參與者，許多參與者，這個領域的大參與者都在談論積壓訂單的擴張，這實際上與他們的服務協議有關。所以我不想詳細討論這些客戶以及他們如何看待和衡量他們的積壓訂單。但通常情況下，這些是不同類型的積壓，不同類型的協議。在此基礎上，在這些計劃、事實和商業狀況的背景下，我們正在建造基礎設施。

And that build-out is rapid, but gradual numbers. So the dynamics of the orders to Vertiv or to the likes of us relative to the dynamics of the order intake and the backlog of our customers can be very different. But there are two sides of the same, very positive coin, if you will, but they beat to a slightly different drum, if you see.

雖然建設速度很快，但數量是漸進的。因此，Vertiv 或我們這類公司的訂單動態與客戶的訂單量和積壓訂單的動態可能會大不相同。但如果你願意的話，同一枚非常積極的硬幣也有兩面，但如果你看到的話，它們的鼓點略有不同。

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

Congrats on having a great year so far. Gio, since you emphasized on slide 5 the services opportunity here, could you give us a little bit more color on perhaps the margin structure of services versus equipment, the growth rate, is it outgrowing equipment, or since we're in such a hyper-growth period for equipment, perhaps it's not, but it comes in later? Just a little bit more color about how that service opportunity flows through the P&L over the next few years.

恭喜您今年迄今取得了豐碩的成果。Gio，由於您在投影片 5 中強調了服務機會，您能否向我們詳細介紹一下服務與設備的利潤結構、增長率，它是否超越了設備，或者由於我們正處於設備的高速增長期，也許不是，但它會在稍後出現？稍微詳細介紹一下未來幾年該服務機會將如何影響損益表。

Clearly, we love our service business a lot. We believe it's a uniquely strong competitive advantage, certainly accretive. Now, if you go to page 5, you see there are various components to our services portfolio, of course with slightly different dynamics in the various components, but certainly, overall, accretive to our business and certainly generating a lot of recurring revenue in everything related to lifecycle services and optimization. It's a very robust business.

顯然，我們非常熱愛我們的服務業務。我們相信這是一個獨特的、強大的競爭優勢，肯定具有增值作用。現在，如果你翻到第 5 頁，你會看到我們的服務組合包含各種組成部分，當然各個組成部分的動態略有不同，但總體而言，這無疑會增值我們的業務，並且肯定會在與生命週期服務和優化相關的所有方面產生大量經常性收入。這是一項非常強勁的業務。

But in times where the product and systems side of the business is growing at this pace typically, it's very normal that the service business lags. But again, it's a very strong flywheel that is catching up to speed. So it's almost bound to happen, it’s going to happen. We see it accelerating, and we like the direction in which it is going.

但在產品和系統業務以這種速度成長的時代，服務業務落後是很正常的。但同樣，這是一個非常強勁的飛輪，正在加速追趕。所以這幾乎是必然會發生的，它必定會發生。我們看到它正在加速發展，我們喜歡它的發展方向。

And quite frankly, I’m really excited about the technology that we’re bringing about. So it’s really the combination of technology and capacity and presence and customer experience. So expect that to continue to accelerate that flywheel, continue to accelerate that. I think an important element is that the type of equipment that is being deployed, the density of technology being deployed nowadays is new and newer data centers, certainly conducive to more service business penetration.

坦白說，我對我們即將推出的技術感到非常興奮。所以它實際上是技術、能力、存在感和客戶體驗的結合。因此，預計飛輪將繼續加速，並繼續加速。我認為一個重要的因素是，正在部署的設備類型、正在部署的技術密度是新的，更新的資料中心肯定有利於更多的服務業務滲透。

Steve Tusa, JPMorgan.

摩根大通的史蒂夫·圖薩。

Just you guys had said, I think, in the release or maybe in the presentation that you're on track for, I think, it was the margins that are embedded in the long-term outlook. I would assume that that means that's more of an absolute margin comment. So if revenues are looking better that we should assume that those margins are good, but that would obviously imply a bit lower decremental margin?

我認為，你們在發布會上或在演示中已經說過，這是長期前景中所蘊含的利潤。我認為這意味著這更像是一個絕對的邊際評論。因此，如果收入看起來更好，我們應該假設利潤率很好，但這顯然意味著遞減利潤率會略低一些？

I guess, I'm just curious as to the outlook for -- or sorry, incremental margin, the outlook for incrementals, and once you get through these tariffs, can we get back on the horse at 35%? Or are we now at a point where with the types of projects you're doing, all the modular work and things like that, that maybe a little bit less than more revenue, same margins, which is still very good, but not quite the incremental, same incremental?

我想，我只是好奇增量利潤的前景，或者抱歉，增量的前景，以及一旦通過這些關稅，我們能否回到 35% 的水平？或者我們現在是否處於這樣一個階段：對於您正在進行的專案類型，所有模組化工作和諸如此類的事情，收入可能會略低於增加收入，利潤率相同，這仍然非常好，但不完全是增量，相同的增量？

Yeah, no, I understand your question, Steve. This is David. I would say our path to the 25% long-term margin target in 2029 stays intact. I think we certainly had some noise this year, specifically as it relates to tariffs, not only with the tariffs themselves, but also some of the supply chain countermeasures to address those. Our long-term model assumes incrementals in that 30% to 35% range. I think low 30s gets us to that 25% in '29. If we're at the upper end of that range, we could do it sooner.

是的，不，我明白你的問題，史蒂夫。這是大衛。我想說，我們實現 2029 年 25% 長期利潤率目標的道路依然完好無損。我認為今年我們確實遇到了一些麻煩，特別是與關稅有關的問題，不僅是關稅本身，還包括一些解決這些問題的供應鏈對策。我們的長期模型假設增量在 30% 到 35% 的範圍內。我認為 30 年代初期就能讓我們在 29 年達到 25% 的目標。如果我們處於該範圍的上限，我們可以更快地完成。

But I would say everything that we see, certainly, based on Q3 and what we see shaping up for Q4 certainly keeps us on that path. The one variable, and we were very clear with this in both Investor Days is going to be the timing of growth investments, and they're investments. So you invest upfront, you get the return over time. But even with that, we would believe going into any given year. Our expectation is to be in that 30% to 35% range.

但我想說的是，我們看到的一切，當然，基於第三季度的情況以及我們看到的第四季度的情況，肯定會讓我們走上這條道路。一個變量，我們在兩次投資者日中都非常清楚地表明了這一點，那就是成長投資的時機，而且它們是投資。因此，您只需預先投資，隨著時間的推移就能獲得回報。但即便如此，我們仍然相信會進入任何一年。我們的預期是 30% 到 35% 的範圍。

Maybe the one dynamic for next year is we certainly wouldn't anticipate a headwind from tariffs. They continue to remain volatile and uncertain, but that was probably the most significant headwind that got us below that 30%, 35% range in 2025.

也許明年的一個動態是我們肯定不會預期關稅帶來阻力。它們仍然保持波動性和不確定性，但這可能是導致我們在 2025 年低於 30% 或 35% 範圍的最重大阻力。

Chis Snyder, Morgan Stanley.

摩根士丹利的 Chis Snyder。

I wanted to follow up on the prior margin commentary. The one thing that really stood out to me, Q2 to Q3, was the sequential margins, operating profit up more than revenue sequentially. So I know margins are swinging around a lot with tariffs and how that's being phased in. But I guess the question is, if we step back, do you think the price conversations or negotiations versus the customers have changed versus a year ago? Specifically, do you think they've gotten any harder?

我想跟進之前的保證金評論。從第二季度到第三季度，真正讓我印象深刻的是連續的利潤率，營業利潤的環比增長超過了收入的環比增長。因此，我知道利潤率會隨著關稅及其分階段實施而發生很大波動。但我想問題是，如果我們退一步來看，您是否認為與客戶的價格對話或談判與一年前相比發生了變化？具體來說，您認為它們是否變得更難了？

Or is this still the same environment where they're paying for speed of supply and innovation of the technology?

或者這仍然是相同的環境，他們為供應速度和技術創新付費？

So I'd say that, first and foremost, we continue to be focused on and deliver on a price/cost positive type of performance. When it comes to the conversation with the customer, I think we have to be all very, very, very careful in the sense that I don't think we should think about as price conversations have been easy. I mean, we have a very, very professional, knowledgeable, savvy customers, and they correctly behave as such. So the price that one can achieve is really on the back of the value that is being delivered to our customers, and very commercially savvy, technically savvy customers. I don't see a dramatic change in that respect.

所以我想說，首先，我們將繼續關注並實現價格/成本積極的績效。當涉及與客戶的對話時，我認為我們必須非常非常小心，因為我認為我們不應該考慮價格對話，因為價格對話很容易。我的意思是，我們擁有非常非常專業、知識淵博、精明的客戶，而且他們的行為舉止也非常正確。因此，我們能夠實現的價格實際上取決於我們向客戶以及非常精通商業和技術的客戶所提供的價值。我沒有看到這方面有重大變化。

What is absolutely critical is really the innovation, but the innovation not in and of itself, but innovation that enables additional value creation for them, for our customers. It is a service level. It is the quality you bring to the party. We think we're doing a very good job in that respect across all axis. But our customers more or less price sensitive.

真正至關重要的是創新，但創新本身並不重要，重要的是能夠為我們的客戶創造額外價值的創新。這是一個服務水準。這是您為聚會帶來的品質。我們認為我們在各方面都做得非常好。但我們的客戶或多或少對價格比較敏感。

They're very business-sensitive. They've always been very business-sensitive. So it's up to us to deliver value to them that enables price to be achieved for us.

他們對商業非常敏感。他們一直對商業非常敏感。因此，我們必須向他們提供價值，以便我們能夠實現價格。

Jeff Sprague, Vertical Research.

Jeff Sprague，垂直研究。

I have two questions on my mind. I guess, I'll ask one actually. Just curious on Europe, actually, your apparent confidence that it does, in fact, get better second half of 2026 sounds like a long way away. I mean, watch in France, I think, is on the fourth government here in 12 months. So just your confidence that they get their act together, do you actually see a product pipeline coming together there? And maybe just address a little bit, I guess, the restructuring you're doing to prepare for that eventual growth that you're expecting.

我心裡有兩個問題。我想，實際上我會問一個。只是對歐洲感到好奇，實際上，您顯然有信心它確實會在 2026 年下半年變得更好，但這聽起來還很遙遠。我的意思是，看看法國，我認為這是 12 個月內的第四屆政府。那麼，您是否相信他們會齊心協力，您是否真的看到產品線正在形成？我想，也許只是稍微談談您正在進行的重組，以準備實現您期望的最終增長。

Sure. So I probably have been more sanguine about the Europe reacceleration in the past that I've been now. So saying it is going to be a year from now. I mean, a year from now, when we sit around the same table and phone summarizing our '26 -- Q3 2026 performance.

當然。因此，我過去對歐洲經濟復甦可能比現在更樂觀。所以說這將是一年後的事了。我的意思是，一年後，當我們坐在同一張桌子旁，用電話總結我們 2026 年至 2026 年第三季的表現。

That means that we are building some wiggle room there for things to really come back. And I truly believe that they will come back because the market is in a bad need for capacity, AI capacity. And there are very stringent data sovereignty reasons why that capacity for inference needs to be in country, in region, in the EU, or in the UK, et cetera. So vacancy rates are extremely, extremely low. And by the way, new technology data center design needs to be built.

這意味著我們正在為事情的真正復甦創造一些迴旋餘地。我堅信他們會回來，因為市場迫切需要產能，人工智慧產能。並且，由於資料主權的原因，推理能力必須位於國家、地區、歐盟或英國等地。因此空置率極低。順便說一句，需要建立新技術資料中心設計。

Pipelines are encouraging in terms of the total size of the pipeline. But what I see different is there is a certain vibrancy in the conversation with customers that was not there to the same extent. So one of the things I said in the past to say, hey, the people, our customers, have many open fronts and the American front is so demanding that it's absorbing them a lot. While that continues to be the case. I think that they are making headroom, if you will, or let's say, they dedicated a few more brain cycles to the rest of the world, and Europe is certainly one of those.

從管道總規模來看，管道狀況令人鼓舞。但我看到的不同之處在於，與客戶的對話中存在著一種以前沒有的活力。所以我過去說過的一件事是，嘿，我們的人民，我們的客戶，有很多開放的陣線，而美國陣線的要求很高，所以它吸收了很多他們。但這種情況仍在持續。我認為他們正在騰出空間，或者說，他們為世界其他地區投入了更多的腦力勞動，而歐洲肯定是其中之一。

We are positive also about the Middle East landscape from a market standpoint. We will not go into the details of the restructuring for obvious reasons. But rest assured that it means making sure that as the market accelerates in the direction of AI infrastructure build-out, we want to have an organization that, from a delivery and execution and also a go-to-market standpoint, is exactly tailored to that. So I want to make sure that we do not miss any opportunity and certainly are agile enough for re-acceleration. But I will not go too much into detail.

從市場角度來看，我們對中東的前景也持樂觀態度。由於顯而易見的原因，我們不會深入討論重組的細節。但請放心，這意味著隨著市場朝著人工智慧基礎設施建設的方向加速發展，我們希望擁有一個從交付、執行和上市角度完全適合這一需求的組織。因此，我想確保我們不會錯過任何機會，並且足夠靈活，能夠重新加速。但我不會講得太詳細。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓。

Just a question on Services. It seems Services is part of your moat being the industry leader. As you're gaining the strong equipment orders, could you just comment on your investment in Services and specifically any KPIs you can give us on headcounts? How are you scaling up your support function to keep up with the top line?

這只是關於服務的一個問題。看來服務是您成為行業領導者的護城河的一部分。由於您獲得了大量設備訂單，您能否評論一下您在服務方面的投資，特別是您可以給我們提供有關員工人數的任何 KPI？您如何擴大支援功能以跟上營收成長的步伐？

Yeah. Well, certainly, those big orders and any orders in general, infrastructure requires a service for sometimes installation, not always, certainly all the time, very often in project management and commissioning and startup, so very, very important. I agree with you, that is a moat or as we like to call it, super power. When it comes to the headcount, we were talking about north of 4,000 engineers globally.

是的。嗯，當然，那些大訂單和一般的任何訂單，基礎設施有時需要安裝服務，但並非總是如此，當然總是如此，在專案管理、調試和啟動中非常常見，所以非常非常重要。我同意你的看法，那是護城河，或者我們喜歡稱之為超級力量。說到員工人數，我們談論的是全球 4,000 名工程師。

I think we were north of 4,400, so there we go. We are certainly accelerating and continue to invest. The way we approach that is really when we do our SIOP for product demand, on the back of that, there is a SIOP for services, and sample services has also a geographic dimension by which we have to understand where our backlog will land and where we will need to increase capacity. So it's, of course, much more dispersed than a manufacturing capacity for obvious reasons, but there are all dimensions that will -- that we are taking into consideration. So if you think about that, call it about 4,400, 4,500 field engineers, expect that to continue to expand.

我認為我們已經超過 4,400 了，所以我們就去了。我們當然正在加速並繼續投資。我們處理這個問題的方式實際上是，當我們針對產品需求制定 SIOP 時，在此基礎上，還有一個針對服務的 SIOP，並且樣本服務也具有地理維度，我們必須通過地理維度來了解我們的積壓訂單將落在哪里以及我們需要在哪裡增加產能。因此，由於顯而易見的原因，它當然比製造能力分散得多，但我們正在考慮所有方面。所以如果你考慮一下，大約有 4,400 或 4,500 名現場工程師，預計這個數字還會繼續擴大。

By the way, just like we talked about productivity in the manufacturing environment, there is productivity in the Service environment. So we really look at Services from the way we run it in terms of distributed supply chain, distributed factories. So we are very rigorous in terms of how we measure the performance in terms of the service level, in terms of time it takes to be on site relative to our contractual commitments, et cetera, very, very, very experienced, mature, and paranoid about our service level.

順便說一句，就像我們談論製造環境中的生產力一樣，服務環境中也存在生產力。因此，我們確實從分散式供應鏈、分散式工廠的運作方式來看待服務。因此，我們在衡量服務水準、到達現場所需時間（相對於我們的合約承諾）等方面的績效方面非常嚴格，我們對服務水準非常非常有經驗、成熟和謹慎。

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Gio, can you give us a little more color into your capacity investments that you talked about that you're making, particularly in North America? You mentioned you're increasing R&D about 20%-plus, but how do we think about CapEx growth in '26? And will you have enough capacity to keep up with your current backlog growth of 30% with the assumption that your revenue growth may not slow much, if at all, from, I think, high 20s this year?

吉奧，您能否向我們詳細介紹您正在進行的產能投資，特別是在北美？您提到您將增加 20% 以上的研發投入，但我們如何看待 26 年的資本支出成長？假設您的收入成長可能不會從今年的 20% 左右放緩太多（如果有的話），您是否有足夠的產能來跟上目前 30% 的積壓成長？

So we will not be explicit when it comes to CapEx in 2026, Andy. But clearly, as usual, there are two things at play. One is more footprint and CapEx. The other is productivity and Vertiv operating system. So let's not forget the second part because to us, it's very, very, very important.

因此，安迪，我們不會明確說明 2026 年的資本支出。但顯然，像往常一樣，有兩件事在起作用。一是更多的佔地面積和資本支出。另一個是生產力和Vertiv作業系統。所以我們不要忘記第二部分，因為對我們來說，它非常非常非常重要。

But you're right. I mean, the -- clearly, with the backlog extending, with the comments that I made, very encouraging comments on the pipeline, we clearly are expanding our capacity. And that's particularly true in North America. The expansion, as we have said in other occasions, is predominantly expansion of existing sites. That's something that we like a lot in terms of the speed that it enables from the decision to having that capacity available and the ability to scale very experienced teams that are already running Vertiv plants.

但你是對的。我的意思是，顯然，隨著積壓工作的延長，以及我對管道所做的非常令人鼓舞的評論，我們顯然正在擴大我們的產能。北美的情況尤其如此。正如我們在其他場合所說的那樣，此次擴建主要是對現有場地的擴建。我們非常喜歡這一點，因為它能夠快速地從決策到擁有可用容量，並能夠擴展已經在運行 Vertiv 工廠的經驗豐富的團隊。

So that will continue. That is our philosophy. I don't rule out, of course, brand new locations. But in general, what we do and what we do well is grow the footprint 6 to 12 months ahead of when the footprint is needed. Now I think we do a very, very good job.

這種情況將會持續下去。這就是我們的理念。當然，我不排除全新地點的可能性。但總的來說，我們所做的和我們做得很好的是提前 6 到 12 個月擴大足跡。現在我認為我們做得非常非常好。

Never perfect. It's never perfect. There's always multiple product lines, multiple regions, but we're pretty satisfied with the direction of travel. And we believe it will well sustain our future trajectory (inaudible)

永不完美。它永遠不會完美。總是有多條產品線、多個地區，但我們對發展方向非常滿意。我們相信這將能很好地支撐我們未來的發展軌跡（聽不清楚）

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

I want to go back to margins. Obviously, a very impressive outcome in 3Q. Maybe, David, give us an update on where we are on this plant reconfiguration, which I think was meant to be completed by the end of the year. And just on the 4Q margins, specifically, you did, I think, take it down by maybe 1 point versus the original -- what was embedded in the 4Q plan. Just wondering if that's tariff inflation, some of these secondary tariffs, or whether there's an EMEA mix there?

我想回到邊緣。顯然，第三季的成果非常令人印象深刻。大衛，也許您可以向我們介紹一下工廠重組的進展情況，我認為工廠重組預計在今年年底前完成。就第四季度的利潤率而言，具體來說，我認為與第四季度計劃中原本包含的利潤率相比，你確實將其降低了 1 個百分點。只是想知道這是關稅通膨，一些二級關稅，還是存在 EMEA 混合？

And I know I'm rounding a bit here. Can I just clarify the points about 2026 incrementals? Because tariff mitigation maybe -- so do we think '26 can be above -- do we think 2026 is going to be above the bar in terms of that incremental margin guidance?

我知道我在這裡有點繞口。我可以澄清一下有關 2026 年增量的要點嗎？因為關稅減免可能——所以我們是否認為 2026 年可以高於——我們是否認為 2026 年將高於增量利潤指引的標準？

Yeah, I would say you weren't rambling until the last 5 to 10 seconds, but I think all your questions are very much linked together. But looking at Q4 margins, we did take those down versus prior guidance about 100 basis points, as you mentioned, I would say half of that on the contribution margin side and certainly driven by the incremental tariffs that we saw post earnings last time. In addition, and we're very proud of our operating leverage, but we're not afraid to invest in fixed cost. And we are planning to accelerate fixed cost investment into Q4 that were previously planned in the first half of next year.

是的，我想說你直到最後 5 到 10 秒才開始胡言亂語，但我認為你所有的問題都是緊密相連的。但從第四季度的利潤率來看，我們確實將其從先前的指導中下調了約 100 個基點，正如您所說，我想說其中一半是在貢獻利潤率方面，這肯定是受到上次盈利後看到的增量關稅的推動。此外，我們對我們的經營槓桿感到非常自豪，但我們並不害怕投資固定成本。我們計劃將原定於明年上半年進行的固定成本投資加速至第四季。

So if you put those two together, it's probably half related to contribute margin with tariffs and the other half related to operating leverage. And if you look at margins sequentially, relatively flat Q3 to Q4. Once again, we see benefit as it relates to addressing the operational challenges, but we do have the additional tariff headwinds.

因此，如果將這兩者結合起來，可能一半與關稅貢獻利潤有關，另一半與經營槓桿有關。如果你連續查看利潤率，你會發現第三季到第四季利潤率相對持平。我們再次看到了解決營運挑戰的好處，但我們確實面臨額外的關稅阻力。

Your question related to incrementals for 2026, probably premature to provide any specific numbers. But once again, we'll reiterate, we expect to be in that 30% to 35% range in any even year over the next three to five years that the 25% target is pertinent. We're still evaluating the impact of tariffs, but we do anticipate to materially offset the tariffs that we have line of sight to today with countermeasures we're enacting with both pricing and also transitioning the supply chain we expect to be materially offset exiting Q1, which would imply, certainly, tariffs not being a headwind year-over-year. And despite uncertainty, we would expect that actually to be somewhat of a tailwind.

您的問題涉及 2026 年的增量，現在提供任何具體數字可能還為時過早。但我們再次重申，我們預計在未來三到五年內的任何一年，這一比例都將達到 30% 到 35% 的範圍內，25% 的目標是可行的。我們仍在評估關稅的影響，但我們確實預計，透過採取定價和供應鏈轉型等應對措施，我們今天看到的關稅將得到實質抵消，我們預計這些影響將在第一季得到實質抵消，這當然意味著關稅不會成為同比的阻力。儘管存在不確定性，但我們預計這實際上會成為一種順風。

So once again, too soon to give any specific numbers as it relates to incrementals, but if you backtrack, there's nothing in particular that we're looking at 2026 that would be different than any other year as it pertains to incrementals.

因此，再次強調，現在給出與增量相關的任何具體數字還為時過早，但如果你回顧一下，你會發現 2026 年與增量相關的其他年份並沒有什麼特別的差異。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

So I just wanted to ask on EMEA margins. I think, David, in the opening remarks, you shared confidence that 3Q was below watermark for EMEA margins. So what is the path back to mid-20s? Can we get there without volume growth driven by what you're doing on restructuring? Or we really need volumes to come back to get back to where margins were within EMEA?

所以我只是想問一下 EMEA 的利潤率。大衛，我認為，在開場白中，您表達了對第三季低於 EMEA 利潤率水準的信心。那麼回到 25 歲左右的路該如何走呢？如果沒有重組所推動的銷售成長，我們能實現這一目標嗎？或者我們真的需要銷量回升才能回到 EMEA 的利潤水平？

I would say a combination of both. And we did mention that we do anticipate, number one, a sales acceleration in EMEA in Q4. I think I mentioned in my comments, up mid-teens. That certainly facilitates improved operating leverage versus Q3. And I would say, overall, that we do anticipate margins in Q4 in EMEA to be significantly higher than what we saw in Q3, including addressing operational inefficiencies.

我想說的是兩者的結合。我們確實提到過，我們確實預計第四季度歐洲、中東和非洲地區的銷售將會加速成長。我想我在評論中提到過，十幾歲。這無疑有助於提高與第三季相比的經營槓桿率。我想說，總的來說，我們確實預計歐洲、中東和非洲地區第四季的利潤率將顯著高於第三季度，包括解決營運效率低下的問題。

So when we talk about the operational inefficiencies as we put in place to address some of the tariffs. We have a global supply chain. And a lot of those actions have been put in place to address those inefficiencies in EMEA, and we would start to certainly see some definitive impact in Q4.

因此，當我們談論解決部分關稅問題時出現的營運效率低下的問題時。我們擁有全球供應鏈。為了解決歐洲、中東和非洲地區的低效率問題，我們已經採取了許多措施，我們肯定會在第四季開始看到一些明確的影響。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

I was hoping to circle back to the order and pipeline topic. Gio, I think you said in your remarks that the backlog phasing is within typical levels for Vertiv at this point. And I think that implies backlog that is project related would typically be for shipments that are up to 12 to 18 months forward. So take that comment on the phase and of your backlog, it would seem to imply that most of these bigger data center announcements that have come out in recent months and are often for projects that are over the next many years have not yet been fully booked by Vertiv.

我希望回到訂單和管道主題。Gio，我想您在評論中說過，目前積壓訂單的階段性處於 Vertiv 的典型水平之內。我認為這意味著與項目相關的積壓訂單通常是指提前 12 到 18 個月發貨的訂單。因此，就階段和積壓訂單的評論來看，這似乎意味著最近幾個月發布的大多數大型資料中心公告，通常都是針對未來多年的項目，但尚未被 Vertiv 完全預訂。

So one, is that right? And two, is that what's underpinning some of your comments about the pipeline being [healthy]

那麼，對嗎？第二，這就是你關於管道建設的一些評論的基礎[健康]

Let me elaborate a little bit on this, Mark. Thank you for the question. So when we talk about the phasing of the backlog is, if you take a snapshot now of the $9.5 billion backlog and you look what is in the 12 months, 18 months, 24 months, whatever, and you look at the same picture for the backlog of a year ago, you will see pretty much a similar shape, clearly bigger, 30% bigger, but similar shape. That means that our backlog has not grown by virtue of, let's say, elongation or overstretching. So that's good for us.

馬克，讓我詳細說明一下這一點。謝謝你的提問。因此，當我們談論積壓的分階段處理時，如果您現在拍攝 95 億美元積壓的快照，看看 12 個月、18 個月、24 個月或任何時候的積壓情況，然後查看一年前積壓的相同圖片，您將看到幾乎相似的形狀，明顯更大，大 30%，但形狀相似。這意味著我們的積壓訂單並沒有因為延長或過度拉伸而增加。這對我們來說是件好事。

We believe that that is good because that represents the way the industry works. Now clearly, we have seen a lot of very strong, very credible announcement and (inaudible) and one would expect Vertiv to be involved in many of those, and that would probably be a very reasonable expectation, let's put it this way.

我們認為這很好，因為這代表了行業運作的方式。現在很明顯，我們已經看到了很多非常強勁、非常可信的公告和（聽不清楚），人們會期望 Vertiv 參與其中的許多，這可能是一個非常合理的期望，讓我們這樣說吧。

But those projects are then deployed in phases. And if we go back to our pretty maniacal, let's say, sticking to -- maniacally sticking to the rule of only a PO is -- legally binding PO to constitute backlog, then you'll see that that backlog pretty much mimics the way and the speed at which deployments occur. So in that respect, there's certainly a lot of the moor that will be done to fulfill those announcements in our pipeline.

但這些項目隨後將分階段部署。如果我們回到我們相當瘋狂的，比如說，堅持——瘋狂地堅持只有 PO 才具有法律約束力的 PO 才能構成積壓的規則，那麼你會發現積壓幾乎模仿了部署發生的方式和速度。因此從這個方面來說，我們肯定還有很多工作要做，以實現這些公告。

And as those projects mature, as those projects mature in terms they are ready for deployment, maybe the next 250 megawatts in a 1-gigawatt deployment, that's the time when orders start to flow in for the likes of us and hopefully for us.

隨著這些專案的成熟，隨著這些專案在部署方面的成熟，也許下一個 250 兆瓦的部署是 1 千兆瓦，那時訂單就會開始湧入我們這樣的公司，希望對我們而言也是如此。

Hopefully that addresses your question, Mark.

希望這能回答你的問題，馬克。

Michael Elias, TD Securities.

道明證券的邁克爾·埃利亞斯。

So Gio, on the ground, I'm seeing a massive acceleration in data center demand. I think in the third quarter, run rate data center demand is up close to 4x. So it's great to see you guys investing in production capacity. My question for you is that as you think about adding production capacity, can you help us understand from when you make the decision to expand capacity. How long does it take to have the first unit come off the live in that new production capacity? And as part of that, what's the earliest that you could book into that new production capacity?

因此，Gio，實際上，我看到資料中心需求大幅成長。我認為第三季資料中心的運作率需求將成長近 4 倍。很高興看到你們對生產能力進行投資。我的問題是，當您考慮增加生產能力時，您能否幫助我們了解您從何時做出擴大產能的決定。新生產能力下第一台裝置投入運作需要多久？作為其中的一部分，您最早什麼時候可以預訂新的生產能力？

I only ask because I think you're going to move the equipment in a hurry.

我之所以問這個問題，是因為我認為你會急著移動設備。

We like the reinforcement about the market trajectory. We wholeheartedly agree on a very, very strong market to the point of capacity. I wouldn't say I would that there is one answer to that. A lot of our capacity expansion is used more, use that 25%, 30% of capacity that we have latent in the way we build things.

我們喜歡有關市場軌跡的強化。我們完全同意這是一個非常非常強大的市場，並且具有充分的容量。我不會說這個問題只有一個答案。我們的產能擴張很大程度上被利用了，利用了我們在建構事物時所擁有的 25% 到 30% 的潛在產能。

If you think about our capacity buildout, do not please think of it in aggregate as one discrete step happening sometime. That's been going on forever. We continue to expand. When we're saying expand, the expansion rate will accelerate, but expansion has always been going on. It depends again the time to first unit, let's say, the time to revenue for new capacity is -- can vary from a few months for a line reconfiguration like 3, 4, 5 months, to maybe 12 months for larger expansion that require building from scratch.

如果您考慮我們的產能建設，請不要將其總體視為某個時候發生的離散步驟。這種情況一直持續著。我們繼續擴張。當我們說擴張時，擴張的速度就會加快，但擴張一直在進行。這又取決於第一台設備的投入使用時間，比如說，新產能的收入產生時間——對於生產線重新配置來說可能為幾個月，例如 3、4、5 個月，而對於需要從頭開始建設的更大規模擴建來說則可能需要 12 個月。

But again, one thing that we like a lot, and that's why we like a lot is that if we just expand existing facilities, that is really the -- just a technical time to have the new equipment available but you have the systems, the people, the leadership, all ready to go and really expanding their volume of business, a lot of scale and a lot of speed. So think about something that can go from a few months to maybe 9 to 15 months window.

但是，我們非常喜歡的一件事，這也是我們非常喜歡的原因，那就是如果我們只是擴大現有設施，那實際上只是技術上可以使用新設備的時間，但您擁有系統、人員、領導力，一切都準備就緒，可以真正擴大他們的業務量、規模和速度。因此，考慮一下可以從幾個月到 9 到 15 個月的時間窗口。

So we, of course, build on our backlog but also on the visibility that we have in the pipeline. Hopefully, that addresses your question. Mike.

因此，我們當然會以積壓訂單為基礎，同時也會利用管道中的可見度。希望這能解答您的問題。麥克風。

Amit Mehrotra, UBS.

瑞銀的 Amit Mehrotra。

Gio, I wanted to maybe ask you to address the competitive environment across all your products? And the only thing I ask that, it seems like every three or four months, there was some announcement or some innovation that gets everybody to question the entire thesis around Vertiv's position in the market. There was obviously AWS In-Row Heat exchangers a few months ago.

Gio，我想請您談談您所有產品的競爭環境？我唯一想問的是，似乎每隔三、四個月就會有一些公告或創新，讓每個人都質疑 Vertiv 在市場上的地位。幾個月前顯然就有了 AWS In-Row 熱交換器。

Recently Microsoft, Microfluidics, and people are talking about 800-volt DC eliminating the need for PFCUs. Maybe address all of those, if you don't mind, obviously not AWS, Microfluidics, and the 800-volt DC dynamic and how you're content is evolving against that $3 million per megawatt. And maybe what your message is to folks when they are on receiving end of these innovations every three or four months that causes them to question the entire thesis?

最近，微軟、微流體公司和人們正在討論 800 伏特直流電如何消除對 PFCU 的需求。如果您不介意的話，也許可以解決所有這些問題，顯然不是 AWS、微流體和 800 伏特直流動態，以及您的內容如何根據每兆瓦 300 萬美元的發展而發展。也許當人們每三、四個月就會收到這些創新訊息，導致他們質疑整個論點時，您要向他們傳達什麼訊息呢？

Well, we will use the next two hours, Amit, for this. This is a great question. But I'll try to be super concise here.

好吧，阿米特，我們將用接下來的兩個小時來做這件事。這是一個很好的問題。但我會盡力在這裡說得非常簡潔。

We love the innovation intensity in the industry. We love it because we are at the center of it. If anything, we drive it. And that's exactly -- we go back to one of the questions we had. I do make sure that the price equation, I think it was Chris, the price equation stays favorable.

我們喜歡這個產業的創新強度。我們熱愛它，因為我們處於它的中心。如果有的話，我們就會駕駛它。這正是——我們回到我們之前的一個問題。我確實確保價格方程，我想是克里斯，價格方程保持有利。

That's exactly what innovation does. And being ahead in the innovation curve enables us to continue down that path. So very important, that's why we relentlessly invest more and more in innovation. That's why we nurture our relationships so intensely, as you know we do. When it comes to specific examples, take Microfluidics, take a 800-volt DC, different stories.

這正是創新的作用。在創新曲線上保持領先使我們能夠繼續沿著這條道路前進。這非常重要，這就是我們不斷加大對創新投入的原因。這就是為什麼我們如此認真地培養我們的關係，正如你們所知。當談到具體例子時，以微流體為例，以 800 伏特直流電為例，情況各不相同。

For example, take Microfluidics and you say, oh, if anything, this is exactly direct-to-ship direct-to chip liquid cooling just done with other means than a cold plate. It preserve everything thermal chain, Vertiv's a thermal chain, absolutely intact, if anything. You would have probably smaller micro channels and more pressure drop and more [cleanliness] needs in the system. So let's not be afraid of innovation. Innovation is absolutely our friend.

例如，以微流體為例，您可能會說，哦，如果有的話，這正是直接運送直接晶片的液體冷卻，只是採用冷板以外的其他方式完成。它保存了所有熱鏈，Vertiv 的熱鏈，絕對完好無損，如果有的話。您的系統中可能會有更小的微通道、更大的壓力降和更高的[清潔度]需求。所以我們不要害怕創新。創新絕對是我們的朋友。

Our friend certainly is the 800-volt DC, leveraging our decades-long DC power and AC power experience and DC power specifically. So being at the forefront as our page 12, I think, it was explains at the forefront of it is a competitive advantage.

我們的朋友當然是 800 伏特直流電，利用我們數十年的直流電和交流電經驗，特別是直流電。因此，正如我們第 12 頁所言，它處於最前沿，它解釋了它是一種競爭優勢。

When we think about our TAM per megawatt, we start to see really a range that goes from 3 to 3.5 megawatt -- sorry, million per megawatt. So if you will, narrowing a little bit on the upper end of the spectrum that we have given you in the past, and that's a good thing. Again, it's because of the technology.

當我們考慮每兆瓦的 TAM 時，我們開始看到一個從 3 到 3.5 兆瓦的範圍——抱歉，是每兆瓦百萬。因此，如果您願意的話，請將我們過去給您的範圍的上限稍微縮小一點，這是一件好事。再一次，這是因為技術。

Clearly, the industry is becoming more interesting to many players, but also, we think a better -- we see a better delineation of the competitive landscape. If we compare, for example, everything thermal and liquid cooling now compared to what it was 1 year and 1.5 year ago. So that is in the direction of more consolidated, more rational players, not bad.

顯然，這個行業對許多參與者來說變得越來越有趣，而且，我們認為競爭格局也得到了更好的劃分。例如，如果我們將現在的熱冷卻和液體冷卻技術與一年前和一年半前進行比較。因此，這是朝著更鞏固、更理性的參與者的方向發展的，這還不錯。

And again, we continue to hold true to our competitive advantages and reinforcing that service, innovation, ability to scale, all the things that you heard from us. So absolutely intact. If anything, we love this environment, innovation-intense environment.

我們將繼續堅持我們的競爭優勢，並加強服務、創新、擴展能力以及您從我們這裡聽到的所有事情。所以絕對完好無損。無論如何，我們喜歡這種環境，創新密集的環境。

This concludes our question-and-answer session. I would like to turn it back over to Gio Albertazzi for any closing remarks.

我們的問答環節到此結束。我想將發言權交還給吉奧·阿爾貝塔齊 (Gio Albertazzi)，請他做最後發言。

Breka, thanks a lot, and thanks, everyone, for your questions and time today. But before I wrap up, I want to take a moment to express my sincere gratitude to David Fallon, our CFO, who will be retiring. So what there's been kind of a 12 earning calls together, probably 12 plus 1. I was kind of a semi in the role. So big thank you.

Breka，非常感謝，也感謝大家今天的提問和時間。但在結束之前，我想花點時間向即將退休的財務長 David Fallon 表達我最誠摯的謝意。因此，總共有 12 次收益電話會議，可能是 12 加 1。我有點像是半個角色。非常感謝。

David has been instrumental in our success, bringing great financial leadership and strategic insight during a period of significant, well, transformation, acceleration, and growth. So David, thank you wholeheartedly for your partnership and for your dedication.

David 對我們的成功起到了至關重要的作用，在重大轉型、加速和成長時期，他帶來了卓越的財務領導力和策略洞察力。所以，大衛，衷心感謝您的合作與奉獻。

I am absolutely excited to welcome Craig Chamberlin as our incoming CFO. Craig brings a strong experience and capabilities that will help drive Vertiv's next phase of growth. I couldn't be more excited about our future. We continue to demonstrate our ability to execute and adapt in an ever-evolving market. While our progress has been strong, we stay focused on doing more.

我非常高興地歡迎 Craig Chamberlin 擔任我們的新任財務長。Craig 擁有豐富的經驗和能力，這將有助於推動 Vertiv 下一階段的成長。我對我們的未來感到無比興奮。我們繼續展示我們在不斷發展的市場中的執行和適應能力。儘管我們取得了很大進展，但我們仍致力於做得更多。

Opportunities ahead are extraordinary. With our technology leadership, global scale, and deep customer partnership, Vertiv is uniquely positioned for the future. A big thank you to Team Vertiv constantly focused on delivering value for our customers and investors.

未來的機會非比尋常。憑藉我們的技術領先地位、全球規模和深厚的客戶合作關係，Vertiv 在未來擁有獨特的優勢。非常感謝 Vertiv 團隊始終致力於為我們的客戶和投資者創造價值。

And with that, thank you, and have a great rest of your day.

最後，謝謝您，祝您今天過得愉快。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。